Q: Sole heir to my dads estate in PA. Sold the house & going to pay the inheritance taxes. How much more needs to be done?
What else needs to be done before I can get the left over money in the account?
Edited: to say their was no will. But yes it was posted in the paper and 1 other place by my lawyer. About 2 months ago
A:
Assuming you opened a probate case and got the will admitted, PA law requires you to post notice of the estate opening in a newspaper in the county "of general circulation". Creditors of the estate have one year from the date of first publication within which to make a claim against the estate.
If you, as executor, distribute estate assets prior to the expiration of one year, and that results in insufficient funds to pay all claimants, you will be personally liable to pay those claims. Of course, it is strongly recommended that you wait for the expiration of the one year period before emptying out the estate funds.
You must also file an "accounting", periodically, with the court, and certainly at the end of the probate case.
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